StanChart to help improve clients’ operating efficiency

Lisa Robins is Global Head of Transaction Banking at Standard Chartered and a member of Corporate and Institutional Banking Management Team. Based in Singapore, she is responsible for the bank's transaction banking activities including cash management, trade finance, and securities services.

In an interview with the FE during her recent visit to Bangladesh, she said the work StanChart is doing on digitisation and big data across the bank will allow the global bank to provide seamless solutions at the right time and help StanChart clients in Bangladesh grow on the ground and internationally.

"We are using data in a much more sophisticated way to obtain greater insights into our clients through advanced analytics, understand their changing behaviours through machine learning, and respond to their needs by providing the right product - all in a much shorter timeframe than ever before."

The excerpts are as follows :

FE- What are some key solutions/initiatives that Standard Chartered is undertaking globally to differentiate itself from other competing banks? What is the plan to roll out such initiatives in Bangladesh?

LR- We have a unique network that our clients value highly and a great team that understands their needs. Underneath all of that, we're building next-generation products including API and Artificial Intelligence tools that help our clients plug into us and each other, and we're co-creating many of those with the same clients. At the same time, we have a strategy of choosing some thoughtful partnerships that help solve problems for clients right now. We believe that this combination of geographic network, presence on the ground, co-creation with clients and partnerships with new players all add up to differentiate us in the marketplace.

Our global connectivity and presence on the ground enables us to connect suppliers, buyers and sellers across the supply chain - what we call banking the ecosystem. In Bangladesh, for example, we help the ready-made garment sector supply our multinational buyer clients, and we help roll out domestic supply chain financing solutions in the fast-moving consumer goods (FMCG) sector.

FE- What is your view on new technology like blockchain and how can it help trade business?

LR- Technology innovation is driving change in the transaction banking business in many areas such as analytics and machine learning, distributed ledger technology and fintech disruptors.

We use technology that helps our clients. That includes internal digitisation to improve the client journey, and client connectivity through third-party platforms and consortiums. All of this improves the client experience and reduces manual work - freeing up our people to spend more time with clients.

The new, easy-to-use interfaces and business models being brought to market in e-commerce and retail banking have revolutionised the customer experience, and are beginning to have an impact in the transaction banking arena. Both corporates and FIs want a more seamless experience, especially in cross-border payments.

Regarding distributed ledger technology (including blockchain), there is huge potential to transform internal and external processes through digitisation of paper-based documents and contracts, and real-time domestic or cross border payments.

FE- What are the strengths and weaknesses of Bangladesh corporates as far as financial capacity and governance issues are concerned?

LR- Corporates locally are in a growth phase. Banks can assist with a range of services from lending to advice on good governance. Those banks with an international network can also support local corporates as they expand outside of Bangladesh from initial planning through to execution. This includes facilitating regulatory approvals, to leveraging the bank's global network in providing advisory services, regional economic and policy insights, and facilitating contact between key regulators and stakeholders across markets. Banks such as Standard Chartered have the capability to provide end-to-end support in helping clients become international.

FE- How can the rise of Bangladesh's trade and businesses help the economy continue its journey of prosperity?

LR- Trade - specifically for export industries and out of the export processing zones - is a key driver of employment and GDP growth. For example, as the ready-made garments sector expands in the next few years, this will have a big multiplier effect on the growth of SMEs and on job creation. Other export sectors such as pharmaceuticals and IT are emerging fast, which bodes well for Bangladesh's long-term growth.

FE- As one of the oldest business partners to Bangladesh's economy, what major contributions have been made by Standard Chartered to promote the country's trade and economy?

LR- We have been operating in Bangladesh for 114 years. We strive to constantly innovate: we were the first international bank to launch supply chain finance for our clients here so that we became their connector bank for their client ecosystem. Our focus continues to be on digitisation as we endeavour to help improve our clients' operating efficiency and reduce their operating costs. Recently, for example, we supported the country in the importation of its first LNG by opening the standby letter of credit for the transaction.

With continuous innovation in products and solutions, Standard Chartered Bangladesh has been a pioneer not just in trade finance, but across the financial sector. Standard Chartered was the first Bank in Bangladesh to introduce Credit Cards. The bank was also first to launch ATMs in Bangladesh to promote alternate channel banking along with i-Banking solutions for retail customers, and the first to introduce an Automated 24-hr Call Centre. The bank also pioneered a number of financial firsts - FX options in 2006, commodity derivatives in 2008, and interest rate derivatives in 2009, to highlight a few.

FE- Do you see any shortcomings or incongruity in the government's policies that are affecting trade and businesses, or Standard Chartered operations in the country?

LR- Given our global experience and expertise across key emerging markets across Asia, Africa and the Middle-east, we always aim to work with our regulators as they develop policies across a range of markets and sectors.

Looking ahead, a gradual transition to open account from documentary credit will help Bangladeshi exporters be more competitive versus other markets; and the development of regulation around credit insurance will help raise risk appetite among banks.

FE- What are Standard Chartered's future plans to consolidate its role in Bangladesh to help attain sustainable growth?

LR- The work we are doing on digitisation and big data across the bank will allow us to provide seamless solutions at the right time and help our clients in Bangladesh grow on the ground and internationally. We are using data in a much more sophisticated way to obtain greater insights into our clients through advanced analytics, understand their changing behaviours through machine learning, and respond to their needs by providing the right product - all in a much shorter timeframe than ever before.

We're very proud of our history here and we hope to be serving clients for many years to come.

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